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Russia says OPEC, non-OPEC producers to debate 12-month oil cut extension
May 24, 2017 / 5:04 PM / in 7 months

Russia says OPEC, non-OPEC producers to debate 12-month oil cut extension

VIENNA (Reuters) - OPEC and non-OPEC producers will discuss on Thursday an option to extend existing oil output cuts by a total of 12 months until June 2018, Russia’s energy minister said on Wednesday.

Russia's Energy Minister Alexander Novak attends a joint briefing in Beijing, China May 15, 2017. REUTERS/Aly Song

“The recommendation is to keep current quotas,” Alexander Novak said after an informal meeting between several OPEC and non-OPEC ministers, known as the joint monitoring committee.

“The duration is 9 months. Tomorrow we will discuss a possibility of extension by another three months (to June 2018),” he said.

Reporting by Vladimir Soldatkin; Writing by Dmitry Zhdannikov; Editing by Elaine Hardcastle

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